Icahn buys more MGM loans to thwart Spyglass deal

Carl Icahn on Wednesday said he was buying more debt in Metro-Goldwyn-Mayer to add to his stake as he seeks to block a pending deal between the studio and Spyglass Entertainment,.

Icahn said he has purchased a substantial amount of MGM senior secured loans at a purchase price of 50 cents per one dollar in principal amount. These purchases are in addition to a previously announced tender and put offer for the loans, Icahn said.

Icahn backs a rival proposal to merge MGM with Lions Gate Entertainment Corp.

A vote by debt-holders is to be held on Friday (29th October 2010).

Thanks to `Samuel 001` for the alert.

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